The Gap 2014 Annual Report Download - page 28

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16
Item 6. Selected Financial Data.
The following selected financial data are derived from the Consolidated Financial Statements of the Company.
We have also included certain non-financial data to enhance your understanding of our business. The data set
forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in Item 7 and the Company’s Consolidated Financial Statements and related notes in
Item 8.
Fiscal Year (number of weeks)
2014 (52) 2013 (52) 2012 (53) 2011 (52) 2010 (52)
Operating Results ($ in millions)
Net sales $ 16,435 $ 16,148 $ 15,651 $ 14,549 $ 14,664
Gross margin 38.3% 39.0% 39.4 % 36.2 % 40.2 %
Operating margin 12.7% 13.3% 12.4 % 9.9 % 13.4 %
Net income $ 1,262 $ 1,280 $ 1,135 $ 833 $ 1,204
Cash dividends paid $ 383 $ 321 $ 240 $ 236 $ 252
Per Share Data (number of shares in millions)
Basic earnings per share $ 2.90 $ 2.78 $ 2.35 $ 1.57 $ 1.89
Diluted earnings per share $ 2.87 $ 2.74 $ 2.33 $ 1.56 $ 1.88
Weighted-average number of shares—basic 435 461 482 529 636
Weighted-average number of shares—diluted 440 467 488 533 641
Cash dividends declared and paid per share $ 0.88 $ 0.70 $ 0.50 $ 0.45 $ 0.40
Balance Sheet Information ($ in millions)
Merchandise inventory $ 1,889 $ 1,928 $ 1,758 $ 1,615 $ 1,620
Total assets $ 7,690 $ 7,849 $ 7,470 $ 7,422 $ 7,065
Working capital $ 2,083 $ 1,985 $ 1,788 $ 2,181 $ 1,831
Total long-term debt, less current maturities (1) $ 1,332 $ 1,369 $ 1,246 $ 1,606 $ —
Stockholders’ equity $ 2,983 $ 3,062 $ 2,894 $ 2,755 $ 4,080
Other Data ($ and square footage in millions)
Cash used for purchases of property and
equipment $ 714 $ 670 $ 659 $ 548 $ 557
Acquisition of business, net of cash acquired
(2) $ —$ —$129$ —$ —
Percentage increase (decrease) in comparable
sales (3) —% 2% 5% (4)% 2%
Number of Company-operated store locations
open at year-end 3,280 3,164 3,095 3,036 3,068
Number of franchise store locations open at
year-end 429 375 312 227 178
Number of store locations open at year-end (4) 3,709 3,539 3,407 3,263 3,246
Square footage of Company-operated store
space at year-end 38.1 37.2 36.9 37.2 38.2
Percentage increase (decrease) in square
footage of Company-operated store space at
year-end 2.4% 0.8% (0.8)% (2.6)% (1.5)%
Number of employees at year-end 141,000 137,000 136,000 132,000 134,000
__________
(1) In April 2012, we made the first scheduled payment of $40 million related to our $400 million term loan and in August 2012, we repaid
the remaining $360 million balance in full.